us cash, page-71

Spanky, just for the record. We have only started harping on the US/AUS, since we were TOLD that Oz management had left the money in US$. Sure, it's easy to see now - but what makes anyone in management think that the US$ is going to improve. It has already become the "carry trade" unit. ie people are borrowing US$ and buying into Aus ( and other) investments. Interest on US borrowings/savings/investments are much lower than in Aus. So when working out the Capex loss of 11%, we should also add loss of interest we could have earned in Aus. Not very bright management!!! M.